The Shipping Corporation of India (SCI) Q2 25/26 earnings summary

Executive summary

• Standalone net profit for Q2 FY26 was INR 176 crore; consolidated net profit was INR 189 crore, with an interim dividend of 30% (INR 3 per share) declared.

• Net worth stood at INR 7,963 crore and cash and liquid investments at INR 1,875 crore as of 30.09.2025.

• Fleet expanded to 58 owned vessels, including induction of two VLGCs, "Sahyadri" and "Shivalik," and 40 managed vessels.

• MOU signed with major oil PSUs to form a JV for vessel acquisition and operation, supporting India's energy security.

• Strategic disinvestment and demerger of non-core assets ongoing, with leaseback arrangements in place.

Financial highlights

• Standalone operating revenue for Q2 FY26 was INR 1,451 crore, up from INR 1,339 crore in Q1 FY26; EBITDA for the quarter was INR 574 crore.

• Standalone net profit: INR 176 crore; consolidated net profit: INR 189 crore for Q2 FY26.

• Net worth: INR 7,963 crore; cash and liquid investments: INR 1,875 crore; long-term debt: INR 2,526 crore.

• Standalone EPS for the quarter was INR 3.78; consolidated EPS was INR 4.06.

• Interim dividend of INR 3 per share declared for FY26.

Outlook and guidance

• Optimistic yet prudent outlook, with expectations of improved performance in tanker and bulk segments due to favorable market conditions and new vessel inductions.

• Revenue expected to increase 2-3 times over the next five years, targeting 50% operating margins, driven by the JV and fleet expansion.

• Confident in sustained growth of coastal business, with plans to expand tonnage and geographical footprint.

• Management continues to monitor the volatile shipping market and will make PRP provisions in the last quarter based on annual results.

• JV with oil PSUs to be operational by December 2025, with tenders for new vessels expected soon.